This agreement comes at a time of increased fintech growth in the region with an estimated 680 million unbanked persons and 60 million untapped merchants in CEMEA, according to the press release.
Through this arrangement, fintechs in the region will be able to access Visa’s global network as well as i2c’s issuing and processing platform by tapping into the combined companies’ suite of solutions and payments technologies.
Visa sees an opportunity to further develop financial access and drive innovation in emerging markets. It plans to work closely with i2c to augment the speed with which fintechs across the Middle East and North Africa region can create innovative payment solutions, built on the foundation of the Visa network.
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